Non-Refundable Deposits?

Ron Henson
What is your dealership's policy on deposits?
Patrick McIntyre
On today's consumer retention market, what possible reason would someone want to pocket a deposit and alienate a possible long term customer? I know, one who is analytically impaired!
raphael chan
We no matter what take a $500 deposit, returnable based on financing. But if a customer were to shop with a bill of sale or set a delivery date for a vehicle and then back out we would keep it. @Patrick Although I too favour a customer oriented approach, I think a deposit is great a way to cement the fact that we are entering into a business transaction. The act of shopping triggers the pleasure centre in a brain while the money side of a purchase triggers a response similar to the anticipation of pain. Taking monies upon an agreement allows for the customer to psychologically comprehend that a transaction of monetary value is taking place. Also deals without any deposits can be shopped as there is nothing to hold the customer liable.
Patrick Halleen
Our deposits are always taken as non refundable, however as a reputable long standing family owned dealership (3rd generation) I have never seen a deposit that hasn't been returned to the customer if they back out of a deal..
Lauren Moses
We take non refundable deposits. Amounts vary from vehicle to vehicle. If it's a used car that we have listed for $7000 we wont require as big of a deposit as a new $70,000 Yukon XL. As for strange, I haven't actually taken anything strange. Our dealership has in the past taken cattle though. I had a guy offer to leave his wife, she didn't like that too much.
Ron Henson
@Lauren Cattle and a wife! LOL!

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